China inked a free trade agreement with Ecuador on Thursday to further tap the potential of trade and investment cooperation between the two countries, according to the Ministry of Commerce.

Chinese Minister of Commerce Wang Wentao and Julio Jose Prado; Ecuador's Minister of Production, Foreign Trade, Investment and Fisheries; signed the agreement on behalf of the respective governments via video link, the MOC said in a news releases published on its website.

China and Ecuador will keep their markets open to each other with higher standards through the trade pact and foster a more favorable, convenient, transparent and stable business environment for enterprises, the MOC said.

The agreement will further unlock the potential of trade and investment cooperation between the two countries; promote the upgrading of China-Ecuador economic and trade cooperation in all aspects; advance sustainable, stable and diversified development of bilateral trade; and deliver more benefits to people and enterprises of both countries, it added.

The negotiations of China-Ecuador FTA were launched in February last year and concluded in February after a year of efficient consultations, it said, adding that the two sides will accelerate domestic steps for FTA implementation at an early date.

wangkeju@chinadaily.com.cn